Equinix (NASDAQ:EQIX) Releases FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 34.810-35.220 for the period, compared to the consensus earnings per share estimate of 35.110. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.7 billion. Equinix also updated its Q4 2024 guidance to EPS.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Cfra reiterated a “hold” rating on shares of Equinix in a research note on Tuesday, September 24th. HSBC upgraded shares of Equinix from a “hold” rating to a “buy” rating and increased their price target for the company from $865.00 to $1,000.00 in a research report on Friday, October 4th. Truist Financial lifted their price objective on Equinix from $915.00 to $935.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. raised their price target on Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Equinix from $880.00 to $910.00 and gave the stock a “buy” rating in a report on Tuesday, August 13th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $944.63.

Equinix Trading Down 2.2 %

EQIX traded down $19.78 during trading on Friday, hitting $888.30. 450,971 shares of the company’s stock were exchanged, compared to its average volume of 529,792. Equinix has a 1 year low of $684.14 and a 1 year high of $943.02. The stock has a 50 day moving average price of $869.56 and a 200 day moving average price of $805.80. The firm has a market cap of $84.34 billion, a P/E ratio of 80.10, a price-to-earnings-growth ratio of 2.19 and a beta of 0.71. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 1.26.

Equinix (NASDAQ:EQIX) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share for the quarter, missing the consensus estimate of $7.88 by ($4.72). The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Equinix had a net margin of 12.29% and a return on equity of 8.55%. During the same quarter last year, the company posted $8.04 earnings per share. Equinix’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts expect that Equinix will post 31.01 EPS for the current fiscal year.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $4.26 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $17.04 annualized dividend and a yield of 1.92%. Equinix’s dividend payout ratio is presently 153.65%.

Insider Transactions at Equinix

In other news, CAO Simon Miller sold 569 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total value of $467,097.79. Following the sale, the chief accounting officer now owns 5,554 shares in the company, valued at approximately $4,559,334.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Simon Miller sold 569 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the transaction, the chief accounting officer now directly owns 5,554 shares in the company, valued at $4,559,334.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Charles J. Meyers sold 6,234 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the sale, the chairman now directly owns 7,680 shares in the company, valued at $6,328,089.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,906 shares of company stock valued at $9,071,764. 0.27% of the stock is currently owned by corporate insiders.

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.